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PUBLISHER: IMARC | PRODUCT CODE: 1308172
PUBLISHER: IMARC | PRODUCT CODE: 1308172
Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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PAGES: 143 Pages
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Market Overview:
The global base oil market size reached 32.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 37.5 Million Tons by 2028, exhibiting a growth rate (CAGR) of 2.2% during 2023-2028.
Base oil refers to a blend stock aiding in formulating numerous lubricating oils that are used in engines and other machinery. It is produced by extracting and treating high-viscosity material from narrow distillation cuts of vacuum gasoil (VGO) or residue, which requires special processing through different units. It helps create a thin film for enhancing heat transfer and reducing tension between moving parts. At present, there is a significant rise in the utilization of lubricants in automobile and truck engines, which in turn, is positively influencing the requirement of base oil across the globe.
Base Oil Market Trends:
Nowadays, base oils find extensive applications in greases and transmission and gear lubricants. This, in confluence with the increasing utilization of hydraulic oil in the automotive industry and rising sales of automobiles, represents one of the key factors propelling the growth of the market. Moreover, base oils are generally made from crude oil, a non-renewable resource that produces greenhouse gases (GHGs) and causes damage to the environment. As a result, other alternatives for base oils are being researched and implemented in newer engine oil products, such as bio-olefins, which are derived from renewable resources like biomass. Besides this, vegetable oils are increasingly being utilized as base oils in lubricants instead of mineral oils as they offer numerous advantages. These include nontoxicity, biodegradability, resource renewability, affordable application cost, and high viscosity index. In addition, vegetable oils are cheaper than ester-based oils and provide more potential for the successful implementation as lubricants in base oils. This, along with the rising sales of cars around the world, is projected to drive the market in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global base oil market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, group and application.
Breakup by Type:
Mineral
Synthetic
Bio-Based
Breakup by Group:
Group I
Group II
Group III
Group IV
Group V
Breakup by Application:
Automotive Oil
Industrial Oil
Metalworking Fluids
Hydraulic Oil
Greases
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abu Dhabi National Oil Company, Bharat Petroleum Corporation Limited, BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Evonik Industries AG, Exxon Mobil Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, PT Pertamina(Persero), Repsol S.A., Saudi Arabian Oil Co., Shell plc and TotalEnergies SE.
Key Questions Answered in This Report:
- How has the global base oil market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global base oil market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the group?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global base oil market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR112023A5539
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Base Oil Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Mineral
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Synthetic
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Bio-Based
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Group
- 7.1 Group I
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Group II
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Group III
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Group IV
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Group V
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
8 Market Breakup by Application
- 8.1 Automotive Oil
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Industrial Oil
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Metalworking Fluids
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Hydraulic Oil
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Greases
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Abu Dhabi National Oil Company
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Bharat Petroleum Corporation Limited
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 BP plc
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Chevron Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 China National Petroleum Corporation
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 SWOT Analysis
- 14.3.6 China Petroleum & Chemical Corporation
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Evonik Industries AG
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Exxon Mobil Corporation
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Petroliam Nasional Berhad (PETRONAS)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 SWOT Analysis
- 14.3.10 Phillips 66 Company
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 PT Pertamina(Persero)
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 SWOT Analysis
- 14.3.12 Repsol S.A.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.13 Saudi Arabian Oil Co.
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.13.3 Financials
- 14.3.13.4 SWOT Analysis
- 14.3.14 Shell plc
- 14.3.14.1 Company Overview
- 14.3.14.2 Product Portfolio
- 14.3.14.3 Financials
- 14.3.15 TotalEnergies SE
- 14.3.15.1 Company Overview
- 14.3.15.2 Product Portfolio
- 14.3.15.3 Financials
- 14.3.15.4 SWOT Analysis
- 14.3.1 Abu Dhabi National Oil Company
Product Code: SR112023A5539
List of Figures
- Figure 1: Global: Base Oil Market: Major Drivers and Challenges
- Figure 2: Global: Base Oil Market: Volume Trends (in Million Tons), 2017-2022
- Figure 3: Global: Base Oil Market Forecast: Volume Trends (in Million Tons), 2023-2028
- Figure 4: Global: Base Oil Market: Value Trends (in Billion US$), 2017-2022
- Figure 5: Global: Base Oil Market Forecast: Value Trends (in Billion US$), 2023-2028
- Figure 6: Global: Base Oil Market: Breakup by Type (in %), 2022
- Figure 7: Global: Base Oil Market: Breakup by Group (in %), 2022
- Figure 8: Global: Base Oil Market: Breakup by Application (in %), 2022
- Figure 9: Global: Base Oil Market: Breakup by Region (in %), 2022
- Figure 10: Global: Base Oil (Mineral) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 11: Global: Base Oil (Mineral) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 12: Global: Base Oil (Synthetic) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 13: Global: Base Oil (Synthetic) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 14: Global: Base Oil (Bio-Based) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 15: Global: Base Oil (Bio-Based) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 16: Global: Base Oil (Group I) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 17: Global: Base Oil (Group I) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 18: Global: Base Oil (Group II) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 19: Global: Base Oil (Group II) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 20: Global: Base Oil (Group III) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 21: Global: Base Oil (Group III) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 22: Global: Base Oil (Group IV) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 23: Global: Base Oil (Group IV) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 24: Global: Base Oil (Group V) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 25: Global: Base Oil (Group V) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 26: Global: Base Oil (Automotive Oil) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 27: Global: Base Oil (Automotive Oil) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 28: Global: Base Oil (Industrial Oil) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 29: Global: Base Oil (Industrial Oil) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 30: Global: Base Oil (Metalworking Fluids) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 31: Global: Base Oil (Metalworking Fluids) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 32: Global: Base Oil (Hydraulic Oil) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 33: Global: Base Oil (Hydraulic Oil) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 34: Global: Base Oil (Greases) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 35: Global: Base Oil (Greases) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 36: Global: Base Oil (Other Applications) Market: Value Trends (in Million US$), 2017 & 2022
- Figure 37: Global: Base Oil (Other Applications) Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 38: North America: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 39: North America: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 40: United States: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 41: United States: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 42: Canada: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 43: Canada: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 44: Asia-Pacific: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 45: Asia-Pacific: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 46: China: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 47: China: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 48: Japan: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 49: Japan: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 50: India: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 51: India: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 52: South Korea: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 53: South Korea: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 54: Australia: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 55: Australia: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 56: Indonesia: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 57: Indonesia: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 58: Others: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 59: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 60: Europe: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 61: Europe: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 62: Germany: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 63: Germany: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 64: France: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 65: France: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 66: United Kingdom: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 67: United Kingdom: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 68: Italy: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 69: Italy: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 70: Spain: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 71: Spain: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 72: Russia: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 73: Russia: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 74: Others: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 75: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 76: Latin America: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 77: Latin America: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 78: Brazil: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 79: Brazil: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 80: Mexico: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 81: Mexico: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 82: Others: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 83: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 84: Middle East and Africa: Base Oil Market: Value Trends (in Million US$), 2017 & 2022
- Figure 85: Middle East and Africa: Base Oil Market: Breakup by Country (in %), 2022
- Figure 86: Middle East and Africa: Base Oil Market Forecast: Value Trends (in Million US$), 2023-2028
- Figure 87: Global: Base Oil Industry: SWOT Analysis
- Figure 88: Global: Base Oil Industry: Value Chain Analysis
- Figure 89: Global: Base Oil Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Base Oil Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Base Oil Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Base Oil Market Forecast: Breakup by Group (in Million US$), 2023-2028
- Table 4: Global: Base Oil Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 5: Global: Base Oil Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Base Oil Market: Competitive Structure
- Table 7: Global: Base Oil Market: Key Players
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